Amarjyoti Barua, a strong finance leader with international experience, joins Mahindra Group as CFO. He will continue the capital allocation strategies implemented by outgoing CFO Manoj Bhat and drive exponential growth. Bhat has been made CEO of Mahindra Holidays which Mahindra Group aims to make a key player in the tourism industry and grow its resorts at least 3X. The budget presented by the government focuses on long-term economic growth. The private sector is expected to step up its capex as the government reduces its commitment.
Finance Minister Nirmala Sitharaman today said India's economy is going through a profound transformation while presenting the Narendra Modi government's last budget before the Lok Sabha polls due by May.
There were neither any shocks nor pleasant surprises in the interim Budget, with no myopic measures being announced. The government did not bow down to the populist measures in the election year and kept the tax regime unchanged but ensured fiscal prudence. The fiscal deficit is set at 5.1%, significantly lower than expected.
Deloitte India partner Rohinton Sidhwa discusses the changes in the TCS rates imposed on foreign exchange remittances. The TCS rate has been reduced from 20% to 5% in many categories. There are also potential changes in the calculation of agricultural income. The finance minister mentioned a PLI for R&D and innovation with a funding of Rs 1 lakh crore. There is also a focus on credit to the tourism sector. Sidhwa believes that the revenue growth assumptions are conservative and expects an increase in tax collection due to rising incomes and an expanding tax net.
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